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EU reaches political agreement on minimum gas storage obligations

Oil&Gas Materials 19 May 2022 17:17
EU reaches political agreement on minimum gas storage obligations
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, May 19. European Parliament and EU Member States have reached a political agreement on the legislative proposal for minimum gas storage obligations proposed by the European Commission in March 2022, Trend reports with reference to the EU Commission.

Reportedly, under the new rules, Member States will need to reach a minimum 80 percent gas storage level by 1 November to protect against potential interruptions to supply. From 2023, the target will be raised to 90 percent full gas storage by 1 November.

Commissioner for Energy Kadri Simson pointed out that filling the EU's gas storage before the next winter is crucial for ensuring the security of supply.

“Today's agreement on the Commission's storage obligation proposal is therefore an important step towards being prepared for the next heating season, guaranteeing that our gas storage will be at least 80 percent full. I am grateful to the European Parliament and the French Presidency of the Council for the exceptionally swift agreement that demonstrates EU's unity in response to Russia's invasion of Ukraine,” she noted.

The political agreement reached by the European Parliament and the Council is now subject to formal approval by the two co-legislators.

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